Part 17Partnerships
Introduction
1256Overview of Part
1
This Part contains some special rules about partnerships.
2
For restrictions that in some circumstances affect relief for losses, and certain other reliefs, for a company that is a member of a partnership see section 116 of ICTA (arrangements for transferring relief).
1257General provisions
1
In this Act persons carrying on a trade in partnership are referred to collectively as a “firm”.
2
This section and sections 1259 to 1266 are expressed to apply to trades, but unless otherwise indicated (whether expressly or by implication) also apply to businesses that are not trades.
3
In those sections as applied by subsection (2)—
a
references to a trade are references to a business, and
b
references to the profits of a trade are references to the income arising from a business.
1258Assessment of firms
Unless otherwise indicated (whether expressly or by implication), a firm is not to be regarded for corporation tax purposes as an entity separate and distinct from the partners.